Unlock the secrets behind those signs on telephone poles and advertisements within your local paper. Our resource will be your ultimate guide to understanding estate sales, those mysterious treasure troves where forgotten items of yesteryears are given another chance to be loved. When items are attractively displayed on tables, or clothing is hung on easy-to-access racks, shoppers are more likely to browse those items. Ask the estate sale company to detail its merchandising and display plan. Ask the estate sale company to note all services included in the sale. Services such as extraordinary cleaning, pest control, and trash dumpster rental will likely incur extra fees.
Take photos of more valuable items and put them online with your posting to attract more potential buyers. You can often get a good idea of the quality of the finds in a home within the first minute.
That way, you could list items for consignment or put them up for sale on sites like eBay or Craigslist. Finally, you could also have the items donated to charity or a family in need. Plaintiffs also claim that the NAR requirement effectively keeps commissions for a homebuyer’s agent artificially high.
Thomas Brock, CFA®, CPA, is a financial professional with over 20 years of experience in investments, corporate finance and accounting. He currently oversees the investment operation for a $4 billion super-regional insurance carrier. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants. Learn how annuities can be effectively combined with trusts in an estate plan. “I often find the items I am most interested in are still there on the last day, and it gives me much more power to negotiate.” No company should charge you for the initial interview and inspection of the house.
STEP 3: Register for taxes
While estate sale companies aren’t officially regulated, professional organizations like ASEL and NESA help provide industry accreditation for people looking for references. While estate sale companies charge whatever they want, ultimately, the price you’re willing to pay is up to you. Estate sale companies are also sometimes known as estate liquidation or tag sale companies. The purpose of the business is to undertake all responsibilities for finding buyers, in a single or multi-day event, for most of the possessions in a home or business.
A reputable estate sale company will also provide references upon request and feedback from previous clients about the quality of the company’s service. Any estate sale company should be licensed, which means they have legal authorization to provide their services. If there’s a line, buyers are allowed in on a first-come, first-served basis. Some estate liquidators use a number system, with buyers receiving numbers that match their place in line. Other estate sale organizers draw random numbers to determine which buyers enter the home first. This removes the burden of hard work, plus the emotional toll an estate sale can take. We’re often emotionally tied to sentimental items, and it can be hard to part with them.
People often confuse the terms “estate sale” and “estate auction.” Both events are designed to liquidate nearly the entirety of someone’s personal property, and both are open to the public. However, Wikipedia states that, at an estate auction, each item is auctioned off and sold to the highest bidder. On the other hand, an estate sale is not an item-by-item sale event. Garage sales typically include selected items that the home’s inhabitant wants to dispose of. However, estate sales generally include everything on the estate. Professional estate sale companies often provide the option of disposing left-over items for you, for an additional fee. Alternatively, you can hire a clean-out service that will haul any remaining items for an hourly rate.
That all depends on who you hire, what you’re selling, how many people attend the sale, the parking situation in your neighborhood, the direction of the tides, if mercury is in retrograde… . How much you make, and the commission the company makes, are difficult to predict. The key is to find the best estate sale company for you and your situation. Another reason to consider hiring a professional estate sale company is their expertise in properly pricing items. It takes a ton of market research to determine fair market value. However, this gets tricky for the untrained eye, especially when it comes to antiques and collectibles. An estate sale is an event that is held with the objective of liquidating all items held in a home.
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When you know what’s for sale and how you plan to stage it, consider the layout of your items. You want to ensure a smooth traffic flow between rooms so buyers can comfortably browse without feeling cramped. Each person may have a different reason to hold an estate sale, but below are some of the more common reasons. The secret to finding the best deals is to keep showing up—even if you don’t find anything at your first few sales. “Don’t give up after your first visit to an estate sale,” says Cook. “These sales are a treasure trove, but combing through the junk for gems takes time.”